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Metaverse Further Weakness To Be Expected

The Metaverse coin continues trading within the descending channel and it fails to show any signs of strength. Strong resistance has been formed near $4 level that previously acted as a support.

... read more Metaverse Further Weakness To Be Expected | CryptoPost

 

OmiseGo Breaking Above The Trendline

On the 2nd of November, OmiseGo tested $5.5, which is the lowest price since August. While testing the low it rejected the 327.2% Fibonacci support level applied to the corrective wave after the downtrend trendline breakout.

... read more OmiseGo Breaking Above The Trendline | CryptoPost

 

MaidSafeCoin vs Bitcoin Bullish Divergence

Bitcoin has been outperforming MaidSafe coin up until the 2nd of November when it tested 4086 satoshi. At the same time, it rejected the 227.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.

... read more MaidSafeCoin vs Bitcoin Bullish Divergence | CryptoPost

 

Bitcoin Plus – Time To Go Down?

BitcoinPlus found the bottom at $30 psychological round number after which it went up sharply hitting $123 and gaining 330% in less than a week.

... read more Bitcoin Plus ? Time To Go Down? | CryptoPost

 

NEM Does Look Pretty

After a strong correction from $0.358 down to $0.138, with a total loss of 60%, NEM finally found the support at 261.8% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout.

... read more NEM Does Look Pretty | CryptoPost

 

AEON Soon To Rise?

Aeon reached an all-time high on the 1st of October, hitting $3.74. The correction down took place and AEON/USD was moving down for just over a month. On the 3rd of November, it was stopped by 127.2% Fibonacci retracement at $1.15, where it found the support.

... read more AEON Soon To Rise? | CryptoPost

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Factom vs Bitcoin Bullish Divergence

Factom found the support at BTC 0.0015 after which it broke above the downtrend trendline. The breakout was accompanied by the bullish divergence on the MACD indicator suggests that the trend could be reversing to the upside. On the 4h timeframe, FCT/BTC also broke above the 200 Moving Average adding extra confirmation to the potential trend reversal.

Factom vs Bitcoin Bullish Divergence | CryptoPost

 

Civic – Ready, Steady… Go!?!

Civic definitely found the support around $0.26 area where it has bounced off for at least four times now. The last bounce has been on the 17th of November, after which price broke above the descending channel and 200 Moving Average.

Civic ? Ready, Steady? Go!?! | CryptoPost

 

EOS At The Resistance, But With 75% Upside Potential

Based on our previous idea, EOS went higher and broke above both upside targets. However, EOS/USD found the resistance at 227.2% Fibonacci retracement applied to the corrective wave after the breakout of the descending channel.

EOS At The Resistance, But With 75% Upside Potential | CryptoPost

 

Aeon Consolidation Mode

As per our previous idea, Aeon gone up and rejected the resistance at 227.2% Fibonacci, that is $3.15. The target was reached by the price spike, rather than steady growth, and then immediately went down to $2.5 area, where it is currently trading.

Aeon Consolidation Mode | CryptoPost

 

Ethereum Magic Number $555

Although it seems Ethereum is going through the wide range trading, the sings of the long-term uptrend continuation are starting to appear. After multiple bounces off the support at $280 area, the price started to move higher and broke above the 200 Moving Average as well as the previous high, made on 16th of October.

Ethereum Magic Number $555 | CryptoPost

 

OmiseGo Plans To Rise After Trendline Breakout

OmiseGo showing some strength during the past week. It has managed to break above the downtrend trendline and on a corrective wave down it rejected it. Same happened with the RSI Oscillator breaking the trendline and then rejecting it.

OmiseGo Plans To Rise After Trendline Breakout | CryptoPost

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Bitcoin heavy uptrend continues highing the all-time high today $9950. It is approaching a very important psychological resistance, that is $10,000, but will it actually stop there? Should the correction be expected? How far?

 

These are the questions most would love to be answered, but there is no clear answer as this is a game of probabilities. The probability of the uptrend continuation remains very high and the very first resistance is actually almost $10k, and to be precise – $10036. This is a1527.2% Fibonacci level applied the corrective wave after the downtrend channel breakout on the 16th of September.

 

As per chart 427.2%, 527.2% and 1027.2% retracement levels were respected by the market while acting as support levels. This means that indicator is still valid and could be used to calculate the upside target.

 

There are 3 important resistance levels to watch.

 

First a strong psychological resistance at $10036, which corresponds to 1527.2% Fibonacci.

 

Second, the most important resistance level is at $10455, which corresponds to 16.27.2% and 227.2% Fibonacci applied to the corrective wave down through 5-12 November. At the same time, it is inline with the upper trendline of the ascending channel.

 

Finally, the third target is $10870, which corresponds to 1727.2% Fibonacci.

 

All in all, the trend remains bullish with the nearest support level being at $9500, where uptrend trendline was rejected. Break below $9500 could result in a corrective wave down to the key support at $7950. But while the price is above this support an uptrend continuation should be expected.

 

Trade Idea: https://www.tradingview.com/chart/BTCUSD/Yaw9jefP-Bitcoin-Approaching-10k-Will-It-Stop/

BKMbeiaC

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Civic Found The Resistance, Break Above Is Needed

 

Following the previous idea on Civic, the price reached the first resistance level 127.2% Fibonacci retracement, that is at $0.41, but failed to break above, instead, it has bounced off. After the resistance has been rejected CVC/USD went down again testing the $0.25 support. The support also has been rejected and now Civic continues to trade within the $0.26-0.40 range.

 

In order for Civic to continue moving higher, it must break above the resistance, specifically about the high established on 5th of December, $0.44. Break, and daily close above should confirm the uptrend and most likely will establish the uptrend.

 

There are few resistance levels on the way up to the final upside target at $0.8 area. The first resistance is at $0.55, that is 227.2% Fibs applied to the first corrective wave after the descending channel breakout. Second, 327.2% at $0.68. The upside target is seen at $0.8 area that is inline with 427.2% and 127.2% Fibs. Break above the upside target could accelerate the uptrend even more. But on the downside, break and daily close below the $0.21 low, will invalidate bullish outlook.

 

Source: Civic Found The Resistance, Break Above Is Needed | CryptoPost

 

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Dash Still Losing To Bitcoin

 

Following the previous idea on Dash / Bitcoin, the price has bounced off the key resistance level at btc 0.08, that was also a strong psychological level. After rejecting the resistance, Dash immediately dropped down to btc 0.036, losing over 50% to Bitcoin in just one week.

 

Fibonacci applied to the corrective wave after the uptrend trendline breakout show that there are two support levels to watch. First is 127.2% at btc 0.044 which was already broken. Nevertheless, a clean bounce off it could result in the change in trend.

 

But at this point, another wave down towards the second support at 161.8% Fibonacci level at btc 0.033 can be expected. This is a strong support for Dash as in the beginning of November it was rejected twice.

 

At the same time, the btc 0.05 resistance area should be watched closely, as a break above could establish an uptrend. All-in-all the downside risk remains and buying Dash at the current price could be a premature investment.

 

Source: Dash Still Losing To Bitcoin | CryptoPost

 

mWAY1AoX

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DigiByte Could Start Dominating Over Bitcoin

 

During the past week, DigiByte went sharply down and lost to Bitcoin more than 50% while moving from 160 satoshi down to 70 satoshi. But it found the support at 127.2% Fibonacci retracement level applied to the last corrective wave up which is 83 satoshi. Although price spiked down lower and rejected the downtrend trendline, it recovered quickly and broke above the downtrend trendline.

 

Current corrective wave down is showing that the 83 satoshi support is being rejected for the second time which could potentially result in a trend reversal for DGB/BTC.

 

The DigiByte price remains extremely cheap, that could attract more and more investors over the coming week, although break and daily close below the 70 satoshi low would invalidate bullish outlook. Still, the risk/reward ratio is huge and many could consider DigiByte a worthy investment.

 

Source: DigiByte Could Start Dominating Over Bitcoin | CryptoPost

 

oGMKXMS7

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VeryCoin Might Go Lower

 

Following the previous idea on VeriCoin, it has reached the upside target and rejected it. Now clearly there is a strong resistance at $0.65, which is the 127.2% Fibonacci applied to the last corrective wave down. The rejection was clean followed by a strong correctional move down.

 

Currently, VeriCoin is likely to continue trading within the range between the $0.65 resistance and $0.40 support. At the same time, with the fact of the resistance being rejected there is more probability of further decline, unless the resistance will be broken.

 

Source: VeryCoin Might Go Lower | CryptoPost

 

DIHrxtWo

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Elastic Explosive Growth Potential

 

Elastic has been rejecting the $0.22 support during the past few months and finally, today it broke above the triangle pattern. The breakout was very clean while the price on 4h and 8h charts closed above the downtrend trendline.

 

What is interesting is that the breakout was accompanied by a heavy volume and was very sharp. This could indicate on the money and interest flowing into the Elastic coin where trading under heavy volume is likely to continue. If this will be the case, investors ave could see an explosive move up on XEL/USD, potentially resulting in 200%, 400% or even larget growth against USD.

 

First strong resistance could be at 127.2% Fibonacci retracement level applied to the corrective wave from August, that is $1.15. The second target is 227.2% level at $1.9.

 

Only a break and daily close below the $0.17 will invalidate bullish outlook. The rewards for such a small risk seems enormous and therefore the buying opportunity is very attractive.

 

Source: Elastic Explosive Growth Potential | CryptoPost

 

gaFv89hz

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Verge VS Bitcoin – The Bottom?

 

In July Verge broke below the uptrend trendline and since then it has been consistently moving lower and lost 66% to Bitcoin while falling from 113 satoshi down to 44 satoshi.

 

Fibonacci applied to the corrective wave up after the trendline breakout, which is the same wave where 200 Moving Average has been rejected, shows that 327.2% retracement level has acted as a support with a very precise bounce off.

 

Currently, XVG/BTC continues trading within the descending channel although the lower trendline is also now acting as a support suggesting that Verge is planning to go ahead of Bitcoin. Perhaps buying Verge might seem a little early, but as the support is holding the opportunity is there.

 

Source: Verge VS Bitcoin ? The Bottom? | CryptoPost

 

xcOOpXcN

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EOS – How Far Up?

 

Following the previous idea on EOS it has gone sharply up and broke above the $3.6 resistance level. After breaking above price corrected back and found the support at this level. It has been rejected together with the uptrend trendline and uptrend resumed.

 

The next potential upside target, which is a strong resistance, is at $$6.2, where two Fibonacci inline. First 1027.2% applied to the corrective wave after the break above the 200 Moving Average, and second is 161.8% applied to the last corrective wave down.

 

They both point on $6.2, although EOS/USD could get even higher to test $7 psychological resistance area. Next resistance levels are $6.7 and then $7.2, which could be the final upside target for the current wave.

 

Key support stays at $3.6 and could be used for the longer term analysis or perhaps for a buying opportunity in the coming months. Break below $3.6 could reverse the trend.

 

Source: EOS ? How Far Up? | CryptoPost

 

XqHLXERr

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Augur Is On Fire

 

Following the previous idea on Augur, it has reached the upside target, which was a $30 psychological resistance level. However, REP/USD managed to go much higher and then corrected back to $25 support, confirmed by the 127.2% Fibonacci retracement applied to the corrective wave after the downtrend trendline breakout.

 

Augur also broke above the triangle pattern and found the support at the downtrend trendline. So far facts are pointing to the strong uptrend that is likely to continue. During the coming weeks, Augur might be on fire, with a huge growth potential, where it could rise up to $86.

 

On the way up there are few resistance levels that should be watched, 427.2% fibs at $45 and 727.2% fibs at $65. Any of that resistance could also act as a target, but if broken, Augur could go up to the final target at $86.

 

Source: Augur Is On Fire | CryptoPost

 

bTkMIsEG

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Storj Time Is Now

 

Storj coin seems to find a strong support near 5k satoshi. This support is confirmed by a 127.2% Fibonacci retracement level of the last corrective wave up.

 

At the same time, STORJ/BITCOIN already rejected this price in the past, while between 21st and 23rd of October a small double bottom was formed. Now as the price returned to this level, once again it is acting as a support. If the support holds it should result in a corrective move up or even a trend reversal.

 

Nevertheless, the minor resistance at 6.6k satoshi should be watched as a break above should provide more strength to the Strorj against Bitcoin. A daily close below the key support at 5k satoshi could invalidate bullish outlook.

 

Source: Storj Time Is Now | CryptoPost

 

UuLJsOFZ

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Basic Attention Token Revealing The Trend

 

Basic Attention Token finally breaking above the descending channel as well as the downtrend trendline after rejecting the $0.123 support several times. BAT/USD shows higher highs and higher lows pattern, which is also suggesting the beginning of an uptrend.

 

Although the trend has been established it is not necessary that BAT will start moving higher straight away, prior consolidation is also possible. The upside targets are seen at 127.2% Fibonacci retracement applied to the corrective wave from 17th of August. The second target is the key resistance at 161.8%, that is $0.41, very close to $0.4 psychological level.

 

If BAT manages to break above $0.4, an uptrend is likely to continue and perhaps accelerate. On a downside note, the strong support remains at $0.123, where break and daily close blow should result in BAT/USD going even lower.

 

Source: Basic Attention Token Revealing The Trend | CryptoPost

 

Z3CUoxnU

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BitcoinCash vs Bitcoin Simple View

 

BitcoinCach established a low against Bitcoin at btc 0.068. Then it started to move higher breaking above the descending channel and btc 0.11 resistance.

 

While it has been able to close above the btc 0.111 on a 4h timeframe, this could indicate on a potential trend reversal or at least a correctional wave up. Break below the btc 0.068 support would invalidate bullish outlook, but for now, it seems like an interesting buying opportunity.

 

Source: BitcoinCash vs Bitcoin Simple View | CryptoPost

 

W12mTmm2

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Nexium Is Massively Undervalued

 

Nexium is clearly trending upwards while making higher highs and higher lows on a Daily timeframe. It continues to reject the uptrend trendline and currently is trading at $0.21, above the 200 Moving Average.

 

While the uptrend remains valid and Nexium is above the $0.13 support, buying opportunity remains, with a huge growth potential. The first real strong resistance that NXC/USD must overcome is at 61.8% Fibonacci retracement that is around $0.33 area. Break above should result in an exponential growth and could reach $1.35 within a relatively short period of time. Only a break and close below the $0.13 could invalidate bullish outlook.

 

Source: Nexium Is Massively Undervalued | CryptoPost

 

kAunAfXY

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StealthCoin Just Doesn’t Stop

 

StealthCoin continues to trade upwards without a stop. A consistent bullish momentum can be witnessed while XST/USD printing higher highs and higher lows. On the 4th of December price broke above the ascending channel suggesting the continuation or even acceleration of the uptrend.

 

The first target is seen at $0.54, that is 227.2% Fibonacci retracement level applied to the first corrective wave after the break above the 200 Moving Average. This level corresponds to the upper trendline of the extended ascending channel.

 

Break above $0.54 should push StealthCoin higher towards $1 strong psychological level where 527.2% Fibs retracement is based. Only a break and close below the 200 Moving Average could invalidate bullish outlook.

 

Source: StealthCoin Just Doesn?t Stop | CryptoPost

 

6adkl1gA

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Burst VS Bitcoin – Battle Begins

 

Burst found a strong support at 68 satoshi that has been rejected few times. The support is confirmed by the 427.2% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout.

 

After rejecting the support BURST/BTC broke above the triangle pattern and then above the downtrend trendline. These are first signs of a potential corrective wave up or even a trend reversal. For now upside targets are not clear but it is clear that if it breaks below the support the bullish outlook will become invalid.

 

In any case, it seems that the growth potential is on its’ way and the risk/reward ratio is huge. This could attract investors and push Burst much higher.

 

Source: Burst VS Bitcoin ? Battle Begins | CryptoPost

 

MPb4bPPC

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MaidSafeCoin vs Bitcoin Rejecting The Support

 

Following the previous idea on MaidSafeCoin/Bitcoin, it broke below the 227.2% Fibonacci support at 4k satoshi. The next wave down was stopped at the next Fibs support, 261.8% level, that is 2.5k satoshi.

 

Price clearly bounced of that price and at the same time rejected the lower trendline of the descending channel. Currently, MAID/BTC stuck between 4k satoshi minor resistance and 2.5k satoshi support. Seems that MaidSafe coin at the very bottom although to confirm that break above the 4k resistance is required. If it manages to go higher, 10k satoshi psychological level should be the first upside target that is right at the upper trendline of the descending channel. However, it could be not just a correctional wave down but also a trend reversal.

 

On the downside note, only a weekly close below 2.5k satoshi support could invalidate bullish outlook.

 

d5ZraQvz

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Komodo vs Bitcoin – Great Timing?

 

Komodo found the support at 17k satoshi, that is 261.8% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout. The rejection was very clean, followed but the wave up which resulted in break above the descending channel.

 

Current price action suggests that KMD/BTC could be correcting upwards or even reversing for a longer term. Price could rise up to 40k satoshi, where previously Komodo formed a double top. Break above that resistance could result in a continuation of the upwards momentum but it is yet to be seen. Only a daily break and close below the 17k satoshi could invalidate bullish outlook.

 

Source: Komodo vs Bitcoin ? Great Timing? | CryptoPost

 

tAYHtKxG

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Lisk VS Bitcoin – The Uptrend

 

Lisk had not so much interest during the past month, while it has been trending down from btc 0.0015 to btc 0.0004, loosing almost 75% against Bitcoin. But now things are looking to change as Lisk found the support at 46k satoshi and then at 52k satoshi. These price levels were rejected cleanly and are confirmed by 327.2% and 361.8% Fibonacci retracement applied to the corrective wave after the downtrend trendline breakout.

 

After rejecting the 46k support, LSK/BTC broke above the downtrend trendline, then rejected 52k support and today broke above the 200 Moving Average. So far price action shows signs of a strong bullish momentum and most likely Bitcoin will be outperformed by Lisk in the coming weeks.

 

There are multiple targets to watch, but the first strong resistance is based on 627.2% Fibonacci retracement applied to the corrective wave down after the downtrend trendline breakout. This is btc 0.0015 level, where LSK/BTC already established high on the 16th of November. The next strong resistance is btc 0.02 psychological round number which is at 927.2% Fibs and could go a little higher. On a downside note, only a break and close below the 46k satoshi support could invalidate bullish outlook.

 

Source: Lisk VS Bitcoin ? The Uptrend | CryptoPost

 

 

zfb7C2ke

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Clams Uptrend Confirmation

 

The overall trend of Clams remains bullish as it continuously rejecting the uptrend trendline and printing higher highs and higher lows. Today clams broke above the 61.8% strong resistance, that is at $9.2, confirming the bullish momentum.

 

Now $9.2 becomes a support and uptrend could accelerate while the volatility is also growing. First upside target is seen at 127.2% Fibonacci applied to the last corrective wave down after Clams produced an all-time high at $13. Fibonacci target is located at $16 and should be watched closely for potential breakout or rejection. Break above should result in a more exponential growth, while rejection might result in a corrective wave down.

 

On a downside note, only a break and close below the 200 Moving Average would invalidate bullish outlook.

 

Source: Clams Uptrend Confirmation | CryptoPost

 

92x69tLR

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Civic / Bitcoin Bottomed Out

 

On the 8th of December Civic bottomed out while clearly rejecting the 261.8% Fibonacci support level at 1500 satoshi. Higher highs and higher lows pattern started to emerge while CVC/BTC broke above the descending channel.

 

Now it seems that the trend is about to reverse, or at least there will be a strong corrective wave up. The resistance is seen at 5000, 5800 and 6700 satoshi which are Fibonacci retracement levels applied to the corrective wave after the descending channel breakout.

 

It Civic manages to break above 6700 satoshi resistance, it could mean that the trend, in fact, is reversing, while if any of the resistance levels will be rejected, a corrective wave down or a continuation of the downtrend could take place. At this point, only a break and daily close below the 1520 support could invalidate bullish outlook.

 

Source: Civic / Bitcoin Bottomed Out | CryptoPost

 

HnUkSy7S

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StealthCoin VS Bitcoin Uptrend Continuation

 

StealthCoin found the support at 2k satoshi. This is a strong psychological round number and besides, it has acted as a support as well as resistance before. While XST/BTC price remains above that level a potential uptrend continuation could take place sending StealthCoin to new all-time highs.

 

The nearest resistance is seen at 127.2% Fibonacci retracement applied to the corrective wave from the already established all-time high, that is 11k satoshi. Next resistance is 14k satoshi that is 161.8% Fibonacci retracement.

 

Overall, the price of StealthCoin is very attractive especially for a medium-term and could bring investors a good chunk of profit.

 

Source: StealthCoin VS Bitcoin Uptrend Continuation | CryptoPost

 

EGWhtdAK

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BlackCoin VS Bitcoin Upcoming Wave

 

BlackCoin rejected the 227.2% Fibonacci support applied to the corrective wave after the 200 Moving Average was broken. After bouncing off the 1.9k satoshi support, today it went above the minor resistance at 2.5k satoshi and very likely to continue the correctional move up.

 

First resistance is at 61.8% Fibs retracement level, that is 5.7k satoshi. Break above that resistance should result in more growth towards the previously formed resistance around 8k satoshi area. Break above that resistance could establish a longer-term uptrend, but it yet to be seen how BLK/BTC will react to these obstacles. A daily close below 19k satoshi could invalidate bullish outlook and send BlackCoin slightly lower.

 

Source: BlackCoin VS Bitcoin Upcoming Wave | CryptoPost

 

tUmhgaWp

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Ethereum Classic Up To $80?

 

Following the previous idea on Ethereum Classic, after testing the 161.8% resistance it corrected down towards the uptrend trendline. The downtrend trendline has been rejected, then 127.2% Fibs and then 161.8% Fibs, all were rejected and ETC/USD produced a new all-time high.

 

Higher highs and higher lows pattern remain and price action suggests the continuation of the uptrend. However, both support levels must be watched for a potential breakout which could add another corrective wave down. And only break below the 200 Moving Average could invalidate bullish outlook.

 

The upside target is seen around $70. The first target is 427.2% Fibs at $72 and second is 461.8% Fibs at $77. At this point, the uptrend momentum could accelerate and the upside target should be reached in the shortest timeframe.

 

Source: Ethereum Classic Up To $80? | CryptoPost

 

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    • Staying Within Previous Boundary EURJPY Continues to Trade Within a Range   %2> EURJPY Price Analysis – August 23 In today’s trading session, the common European currency traded sideways against the Japanese Yen. The currency pair was trading below the moving average 5 and 13 since yesterday’s trading session. We may see bearish traders pressurize the currency pair towards the level at 117.50 before the end of today’s trading session.     Key Levels  Resistance Levels: 123.01, 119.88, 118.33  Support Levels: 117.65, 117.50, 117.00    EURJPY Long term Trend: Bearish In the daily picture, the EURJPY pair may most likely maintain the price range during the next trading session. Alternatively, a breakout may occur downwards.  While the exchange rate has been trading within the range of the level at 118.33 and 117.50 since mid-August. The trend is bearish, showing an intact downtrend in the medium and long-term.     EURJPY Short term Trend: Bearish Today’s trading range has been going negative and more, and that’s below the last trading month’s daily average range. On the flip side, we may see a change in trend with renewed upward strength.   Buying could accelerate should prices move above the close-by swing high towards the level at 118.33 where further buy stops might get activated. Although with the level at 119.88 resistance intact, near term outlook remains bearish.  
    • Date : 23rd August 2019. MACRO EVENTS & NEWS OF 23rd August 2019.FX News Today A confluence of factors whipped the markets around Thursday heading into the Jackson Hole Symposium and Chair Powell’s comments Friday at 10 ET. Hawkish remarks from George (she dissented against the July easing) and Harker (who votes in 2020) weighed on Treasuries and erased early gains from Wall Street. Minutes from both Fed and ECB meetings were not quite the all out dovish signal that some had been hoping for and comments from Fed members yesterday also showed a degree of caution with regard to further easing measures. The curve in the US steepened again after inverting briefly overnight, the curve flattened and inverted further in Japan. Stock markets across Asia moved mostly higher although gains remained contained by caution. New Zealand’s central bank governor said he could afford to wait before declining on additional easing measures. Onshore Yuan set at its weakest for 11 years. Japanese core consumer inflation at a 2-year low in July. Meanwhile lingering geopolitical trade tensions and political jitters in Hong Kong, Italy and the UK add to an uncertain backdrop. US futures are also cautiously moving higher. The WTI future is trading at USD 55.37 per barrel. Charts of the DayTechnician’s Corner EURUSD returned to 3-week lows of 1.1064 today, after rallying to session highs of 1.1099 following the sub-50 US manufacturing PMI. Negative European yields appear to be taking their toll on the currency, keeping the Dollar in demand in place for relatively high yielding US Treasuries. This has likely been a major factor keeping EURUSD under pressure, especially ahead of likely ECB easing in September, and perceptions that the Fed will not be as aggressive in easing as previously thought. Key EURUSD level is the 27-month low of 1.1027 seen on August 1. USDJPY rallied to 106.64 highs. The risk-sensitive pairing can be expected to consolidate into today’s much anticipated speech from Fed chair Powell, from Jackson Hole. GBPUSD: Sterling had its best single day rally since March 13 against the Dollar. Cable’s high was 1.2273, which is the loftiest level seen since late July. The gains were sparked by comments made by German’s Merkel, who indicated that a solution to the Irish border backstop conundrum is doable by the October-31 Brexit deadline. UK Prime Minister Boris Johnson followed this up by saying at his joint press conference with France’s Macron that he was encouraged by his talks in Berlin yesterday, and that a deal, he thinks, can be done ahead of October 31. Macron, said, however, that while he has always respected the UK’s decision to leave the EU, the European project has to be protected, to which the Irish backstop remains an important part of ensuring this. Merkel’s remarks were little more than rhetorical platitudes, though enough to trigger a short squeeze in a heavy shorted currency. Main Macro Events Today   Jackson Hole Symposium – Day 2 Retail Sales ex Autos (CAD, GMT 12:30) – Retail sales are expected to have decreased in Canada, with consensus forecasts suggesting a -0.5% m/m decline should be registered in June and an unchanged ex-autos component at 0.3%. In May, Retail sales were disappointing, falling 0.1% for total sales and declining 0.3% for the ex-autos component. The decline in sales was driven by a 2.0% tumble in food and beverage stores. The report casts some doubt on the resiliency of the consumer sector to the ongoing parade of worrisome geopolitical and trade developments. Support and Resistance levelsAlways trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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